The Research On Financial Ecological Environment And The Investment Efficiency Of Local Governments' Investing And Financing Platform Enterprises

As an important product under the special condition in our country today,the investing and financing platform enterprises of local governments undertake the roles of agent.They are responsible for the work of investing and financing in the construction of infrastructure and play important roles in the development of urbanization in China.With the increasing diversity of platform enterprises' investment and financing models,they can't develop without the constraint of financial ecological environment.How to improve the investment efficiency of investing and financing platform enterprises and realizing their sustainable development in the current financial ecological environment have attracted the attention of local governments.Existing documents have showed the impact of financial ecological environment on the financing constraints and cost of platform enterprises.Based on these documents,this paper builds an extension and studies the influence and its mechanism of financial ecological environment and its four dimensions on the investment efficiency using a research method that combines normative analysis with empirical analysis.Through the construction of Richardson investment econometric model,this paper calculates the investment efficiency of platform enterprises.On this basis,multiple linear regression method is used to build a test model to analyze the influence of financial ecological environment and its four dimensions on the investment efficiency.This model also can find the path and way that influence the investment efficiency of platform enterprises under the joint action of governments' governance level and the legal system environment.On the one side,a more comprehensive and systematic index system is established to analyze the influence and its mechanism of financial ecological environment and its four dimensions on platform enterprises' investment efficiency objectively and accurately.On the other hand,according to the studies of existing documents and the theory of government intervention,pecking order and tunneling and propping,good financial ecological environment can relieve the financing constraints of platform enterprises;besides,numerous outside supervisors not only standardize and restrict the investment behavior of platform enterprises,but also reduce the intervention level of local government on platform enterprises.So the increasing trust of outside investors can influence the investment efficiency of platform enterprises.In order to verify the theory and analyze the conclusion,this paper tests the hypothesis through empirical studies based on the provincial data of City Construction Investment Bonds from 2011 to 2015.The results show that: Financial ecological environment will affect the investment efficiency of local governments' investing and financing platform enterprises;The better the financial ecological environment is,the higher the investment efficiency of platform enterprises;The four dimensions of financial ecological environment,including the governance level of government,the economic foundation,the development and system of finance and the credit culture,all have a negative correlation with the investment efficiency of platform enterprises;When the legal system is quite perfect,the governance level of government has a significant decline in the impact of the investment efficiency of platform enterprises.Based on this,some suggestions are put forward in the end.Through improving financial ecological environment and using the substitution effect reasonably between the environment of legal system and the governance level of government,we can realize the sustainable development of platform enterprise and look forward to the prospects of the research status of platform enterprises.